Tuesday, August 6, 2019
Persuasive Analysis Animal Tesing Essay Example for Free
Persuasive Analysis Animal Tesing Essay For centuries animals have been experimented on for human benefits. People tend to forget that millions of animals are being tortured and even killed during the process of these extremely painful experiments. There are many other, more humane ways to test products that do not result in animals being harmed. For years now millions of helpless animals are suffering for our benefits. It is not fair for these harmless animals to live their entire lives in agony. Bleeding, blindness, liver problems, and ulceration, these are just some of the serious side effects of animal testing. The animals go through days and days of painful experiments, only to result in their deaths. About 50% of the animals used in these experiments die within the first two weeks and only 31% of those are euthanized to stop their suffering. ââ¬Å"Beauty is painâ⬠is a phrase that is commonly heard. But this saying has a whole new meaning in cosmetic testing labs where animals are being tested on all around the globe. Most women do not think twice when buying a cosmetic product. When girls put on their mascara in the morning I doubt they wonder ââ¬Å"which animal suffered to make this?â⬠The truth that no one wants to face is that the human race is extremely selfish. Are cosmetic products that important that we need to kill innocent animals just so we can safely wear them? Testing cosmetics on animals is not necessary. There are many others ways to test products that would not result in animals being harmed. Technology has become so advanced; scientists could run their tests through computers instead of testing on animals. The way in which animals and humans react to their environments, both physiologically and behaviorally, can be drastically different compared to humans. Animals have smaller blood vessels than humans that are distributed differently throughout their bodies. Makes you wonder why scientists in the testing labs bother testing on animals in the first place. Animals are living creatures that are experimented on against their free will. When will this animal cruelty stop? It is no different than someone beating their dog, and they get charged in caught.
Monday, August 5, 2019
The Art Of Seduction And Notting Hill Film Studies Essay
The Art Of Seduction And Notting Hill Film Studies Essay The film The Art of Seduction is one of the well-known Korean romantic comedy films and was made in 2004 by Ki-Hwan Oh who is one of famous and influential film makers in Korea and also made Someone Behind You (2007) and Ogamdo(2009) . It is a film version of a book called The Art of Seduction and it is said to be everyones must-see film in order to understand the reality of relationships between men and women in todays lives. There are two protagonists in this movie is Ji-Won (Ye-Jin Son, a South Korean actress who got the best actress awards more than ten times in Korean Film Festivals and now one of top ten Korean stars), a fiercely pretty girl who always has had any guys that she wants. The other is Min-Jun (Il-Gook Song, one of popular Korean actors, who is the son of a Korean actress and a member of Korean parliament Kim-Eul Dong), a successful architect, and attractive young gentleman. Both of them have their own rules for 100% success in any dates. Ji-Won follows her own dating rules, she makes a fake car accident to get Min-Juns attention and approaches him successfully. However, although both are very attracted to each other at first sight, they start a game which seduces each other using their own rules. What intrigues Ji-Won is that Min-Jun does not act the same as guys who always fall for her charm. Min-Jun also thinks Ji-Won is the perfect match and ideal type of woman for him but never shows his true feelings. They are both veteran players in the game of love but finally they fall in love with each other. It is interesting to see that the movie does not end with the two protagonists becoming boyfriend or girlfriend, they appreciate each others expertness and go for a new game of love. Notting Hill overview Notting Hill is a British romantic film which was produced by Roger Michell who also directed Changing Lanes (2002) and The Mother (2003) in 1999. William Thacker (played by Hugh Grant) is a bookseller in Notting Hill district in West London and shares his house with his Welsh friend, Spike (Rhys Ifans). Every mans dream comes true when Anna Scott (played by Julia Roberts), the worlds most famous and beautiful American actress who is in London working on a film, enters his travel bookshop. She buys one book from William and their relationship would end here if William did not go out for another cup of orange juice a few minutes later. He bumps in to her and spills orange juice over her top. William offers to clean up at his place which is very nearby and Anna agrees since he looks harmless. Anna thanks William and gives him a kiss, which surprises her even more than him. They eventually get to know each other better but they find it difficult to be together as Anna is the worlds well-known star. They get on fairly well with each other just before her American actor boyfriend flies to London to see her. Anna, one day, comes to William for help, she is upset because of harsh press and needs calm and comfort. Once again, being together with someone who is the worlds most wanted is definitely not easy. Williams close friends arrange dates for him, helping him to forget about Anna Scott and move on. After months, Anna visits his travel bookshop with little gift, asking to love her again but William replies to her with an answer no. He thinks what he said to her was the right answer and tells his friends who are shocked to hear the story and tell him to get her back before it is too late. William and his friends run into where Anna is having the last interview in London before she flies back to America. William pretends to be a journalist and asks her ques tions about their relationship and whether she will forgive him and give another chance for their love. Anna says yes with a big happy smile and the movie ends with their successful romance. Textual Analysis Both films The Art of Seduction and Notting hill are made in contemporary background and the two films are set in urban area. However, when looking at the main male and female characters in these films, there are some differences in character settings except the fact that male characters are heterosexual. Min-Jun, the male protagonist, is a successful architect in his 30s and he seems to have grown up in a high social family. It is shown by his father being a playboy and having many young women around him all the time not because of his charm but his money. Min-Jun in the film is described as handsome, rich, smart and fashionable. The main female character, Ji-Won, is also a successful fund manager and her character is what Korean womens image is all about, she is portrayed as independent, assertive and perfect face and body. The main male character in Notting Hill, William Thacker, is a divorced middle-aged bookseller in West London. He is portrayed as normal, little boring and incapable and he does not belong to high social class. Anna Scott, the female protagonist in the film, is one of the top actresses in the world, portrayed as rich, attractive and every mans dream. There are differences in constructing masculinity between the two films and the next section will look at different aspects of masculinity other than the character settings. Physique As Min-Jun appears to be rich, attractive and smart, he cares a lot about his clothes and fashion accessories which women used to care more than men in the past. It is called Metro sexual which was born in Europe with increasing male diversity and Min-Jun is also one of metro sexual men who is interested in fashion and invest money and time for himself. (à â⠢à ©Ã ¬Ã ÃÅ"à ªÃ ±Ã ´Ã ·Ã ¬ÃÅ"à ¤Ã â⬠à ¼Ã ¬Ã
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à ¤, www.kbizweek.com: 20 feb 2010) He goes for gentle, sophisticated and chic style of clothing and the suits he wears are mostly from DolceGabanna, Givenchy and Yohji Yamamoto. What is more, when women are obsessed with bags and believe that which brand or how much their bag costs shows the standard of living and lifestyle, men believe nice watches and shoes make them feel confident. Min-Jun also sells his precious watch, which costs over à ¿Ã ¡3500 by Gio Monaco, in return for a fabulous night with Ji-Won. Not only has he cared about outfits, but he is also enthusiastic about his lifestyle and appearance. Min-Jun is confident about his looking but when he was asked to attend charity evening, specifically called Slave date auction, by Ji-Won, he determined to get fit by taking lots of exercise at gym. His aim to get a masculine body is successful and he waits to appeal his masculinity to Ji-Won but suddenly loses his confidence as soon as he finds out other participants with more masculine bodybuilder body. Since the beginning of 2000, a variety of mens types have positioned them as they are and it has become their competitive differentiations. (à â⠢à ©Ã ¬Ã ÃÅ"à ªÃ ±Ã ´Ã ·Ã ¬ÃÅ"à ¤Ã â⬠à ¼Ã ¬Ã
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à ¤, www.kbizweek.com: 20 feb 2010) His enthusiasm about appearance applies to female counterpart. Plastic surgery is very popular among women in Korea and men looking for perfect-looking, which includes big eyes, small face and skinny body, can be one of the reasons why women get this surgery done. Sometimes men judge women by their appearances more than personalities and it is shown by Min-Jun thinking Ji-Won can be a perfect match for him a minute after looking at her outfits and appearance. Additionally, Min-Jun is looked as a sexual object by women. The film The Art of Seduction starts with him seducing a female psychiatrist by unbuttoning his shirt slowly and at the same time appealing his sexuality to her. Ji-Won, like Min-Jun, is assertive about her appearance. She attracts attention from many guys with her exceptional prettiness and her occupation as a successful private banker is a plus element in consisting of her charm. Unlike the male protagonist, Ji-Won tends to wear clothes in conservative style, but still shows her S-shaped body line. William in Notting Hill is rather very ordinary type of a British man who usually goes for classic and casual style of clothes, which perhaps match his occupation as a bookseller. Not only William does not take regular exercise to get fit, but also he does not seem to care too much about his appearance or his outfits and it is shown by a scene where he goes out to the cinema with Anna Scott. He looks for his glasses all over his house and realises he is likely to be late, he decides to take another option, swim-goggles. It looks funny that he wears swim-goggles while watching a movie but also shows that he prioritises practicality rather than obsession in styling. What is more, he seems lack of self-confidence and it is probably due to his social status compared to Anna and previous marriage failure which should have changed his lifestyle a lot. William is portrayed as heart broken and fragile and it definitely is opposed to Min-Jun who is always confident about himself. However, Anna, a big world star, slowly attracted by William who could have been just a guy who sold her a travel book while she was in London. Anna even has a boyfriend back in America and she has much higher standard of living compared to Williams. She is portrayed as independent and perfect looking to the public but no one except William truly understands her feelings or emotions. Although William is not what we call manly type of guy or an assertive and smart guy, he instead has true heart and naÃÆ'à ¯ve personality which may be another important element to become a real man. Personality There are clear differences in which the two main characters behave and treat their female counterparts. Firstly, what Min-Jun does is all studied beforehand. His aims are to seduce and win over the woman who he thinks is the perfect match for him, though not necessarily as his girlfriend. Therefore, he does not show his true feelings about her at the beginning and pretend he has not set up anything in his mind. In fact, the main male character is a type of true carers and it is shown by many scenes in the film. For instance, he says to Ji-Won Yesterday, you were so out of wits so I have asked the doctor to take care of you. It was surprising for her because she crashed into his car and he should have been the one who needed to see if he were hurt. What is more, all of Min-Jun and Ji-Wons credits cards suspended by jealous Do-Chul who has loved Ji-Won for a long time and always gets rejected by her. They decide to stay in a Motel and Ji-Won starts complaining about its condition and dirtiness. Min-Jun lies to her that he will go to restroom and he goes out to a pawnshop to sell his expensive watch to get money for dinner and hotel room. Since he has much self-respect, he never says he feels ill all after running in the rain so many times at night in order to satisfy Ji-Won. He actually is a carer and nurturer but does not show his genuine personality to win her. This contradictory personality is what Korean women these days, especially younger generation prefers than nice and good guys. Though macho man has been the most classic and representative masculinity, macho man in 2009 is far from its perceptions that he is patriarchal and male superior but he is sexually attractive and what we call a real great man (à â⠢à ©Ã ¬Ã ÃÅ"à ªÃ ±Ã ´Ã ·Ã ¬ÃÅ"à ¤Ã â⬠à ¼Ã ¬Ã
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à ¤, www.kbizweek.com: 20 feb 2010) Limiting expression their feelings and one step forward and two steps back date rule makes guys attractive. What the male character does impresses women as they do not expect a lot in the beginning. Min-Jun is gentle and smart and can be a bad boy to those women who he thinks do not deserve him at all. It applies the same to the female character in the film The Art of Seduction. Men usually act more bravely than women and Ji-Won is portrayed as the god of innocence which most of Korean women would become when dating with men. When there is a date for dinner, she hardly eats and says I am full already. She never shows her true feelings to Min-Jun because she strongly believes herself that she will lose out as soon as he senses that she likes him. How she behaves and talks to whom she likes is one of the typical characteristics of Korean women although it has been changing slowly by younger generation who respects honesty and are braver when dating with men. William Thacker, on the other hand, has the characteristics which are opposed to Min-Jun. He is nice, gentle and truthful although these can be seen as quite unattractive and boring to some women. William and Annas relationship begins when he offers to clean her clothes at his place and he continues to offer drinks and food to her. Everything he does to her is not studied at all but it might be due to the fact that Anna is a famous world star who is an unrealistic woman for him. What is more, even when she confesses him saying Im just a girl, standing in front of a boy, asking him to love her, he could not have believed his ears. Women in Korea used to fall for nice and truthful guys and their preference changed to more bad boy type of men. It does not mean Williams character was not popular among them when the movie came out; his English gentleness is special and it is what they have not seen in Korean men. William, at first, was scared of showing his true feelings to Anna but as their relationship grows he is no longer shy and becomes more brave. He goes out with Anna for dinner and hears people talking and laughing about her rumours and gossips. Since they are having dinner in public place, he tries to ignore them but becomes intolerable. He asks them to stop talking about her because he wants to protect her from getting hurt by a bunch of stupid people. The main male character appears to be nice, shy and sometimes dull, he is still a man who is not scared of protecting a woman and shows he does care about her. Anna Scott, the female counterpart of William, is more assertive about her and has much self-respect than him. She is tired of too much attention in her private life and relationship she has had in the past. However, she is, unlike Ji-Won in The Art of Seduction, not afraid of showing her feelings and an enthusiastic attitude to her male counterpart. Anna is brave enough to tell William that she loves him whereas Ji-Won waits for Min-Jun to say it first. Gender Roles There have been stereotypes of gender roles in our society, especially in Korea, men are still conservative about what they do or women do at home. Young students are conservative in their views on gender roles, often copycatting their fathers viewpoint and they stuck to the patriarchal system. (Kwon Mee-yoo, Staff Reporter, www.koreatimes.co.kr 20 feb 2010) Min-Jun breaks the conventional gender roles by showing domestic side of him such as his exceptional cooking skills to Ji-Won. What is more, he feels more attracted to independent career women such as his ex-girlfriend, a psychiatrist, rather than those who become financially dependant on their boyfriends because they have no intellectual ability. He is not embarrassed to show Ji-Won that he is interested in cooking or making tea at home. On the other hand, even though both of them have similar standard of living, he always want to look powerful and strong to her. As a man, he protects Ji-Won while they are in Jeju Island, trying to satisfy everything she needs or wants by whatever the methods he can do. The female counterpart represents an ideal woman in our modern society, being confident and enjoying a decent lifestyle. Though there still exists the ethnic stereotype, the percentage of working women has been increasing in Korea, especially as a consequence of more and more parents letting their children study aboard. This phenomenon is to break the traditional gender roles, especially of women and give them an opportunity to become independent and intellectual so that they can realise their career in the future. Gender roles are slightly different when it comes to William and Anna; it is less conventional and conservative. He is still a man protecting his love from agony and distress by letting her stay at his house even after she let him down. Shelter and protection that he offers show his male dominance. It is certainly differentiated from being patriarchal; it is a facet of a great man. Nevertheless, she is more in control of their relationship and acts in a way that she wants. It is due to a difference in their social status and of course William thinks it is surreal for him to meet such a beautiful world actress. Men are usually more brave when they approach to women who they are interested in but he is rather afraid and gets more emotional than her. Despite Annas dominance in relationship, she also shows feminine side of her such as making breakfast for him. In England their county has had a Queen that has political influence. The election and repeated re-election of Margaret Thatcher as prime mister show Englands desire to have people in leadership role according to ability and not gender. (Trey Hill, http://ruby.fgcu.edu/courses/10251/e08hill.htm 20 feb 2010) It means that people in England do accept women can also be in powerful position. Masculinity Index by Geert Hofstede It is one of Cultural Dimensions by Hofstede, looking at the degree to which masculine values like competitiveness and the acquisition of wealth are valued over feminine values like relationship building and quality of life. (http://www.kwintessential.co.uk/intercultural/masculinity.html, 22 feb 2010) It indicates the distribution of gender roles in a society and it can be masculinity versus femininity. (Geert Hofstede, http://www.geert-hofstede.com, 22 feb 2010) Korea MAS=39 (Feminine) .à In life the main priorities are the family, relationships and quality of life .à Conflicts should ideally be solved through negotiation .à Men and women should share equal positions in society .à Professionals work to live, meaning longer vacations and flexible working hours UK MAS=66 (Masculine) .à Lifes priorities are achievement, wealth and expansion .à It is acceptable to settle conflicts through aggressive means .à Women and men have different roles in society .à professionals often live to work, meaning longer work hours and short vacations http://www.kbizweek.com/cp/view.asp?vol_no=702art_no=31sec_cd=1037 date accessed: 20 feb 2010 http://www.koreatimes.co.kr/www/news/nation/2009/11/117_55813.html date accessed: 20 feb 2010 http://ruby.fgcu.edu/courses/10251/e08hill.htm date accessed: 20 feb 2010 http://www.geert-hofstede.com Geert Hofstede date accessed: http://www.kwintessential.co.uk/intercultural/masculinity.html 22 feb 2010
Overview of Health Behaviour Theories
Overview of Health Behaviour Theories APPENDIX HEALTH BEHAVIOUR THEORIES The biomedical perspective The biomedical perspective incorporates the biomedical theory in which patients are assumed to be passive recipients of doctors instructions. Behavioural (learning) perspective This perspective incorporates behavioural learning theory (BLT) which is focused on the environment and the teaching of skills to manage adherence. Communication perspective Communication is said to be the cornerstone of every patient-practitioner relationship [p. 56]. This perspective suggests that improved provider-client communication will enhance adherence and implies that this can be achieved through patient education and good health care worker communication skills an approach based on the notion that communication needs to be clear and comprehensible to be effective. It also places emphasis on the timing of treatment, instruction and comprehension. Cognitive perspective The cognitive perspective includes theories such as the health belief model (HBM), social-cognitive theory (SCT), the theories of reasoned action (TRA) and planned behaviour (TPB) and the protection motivation theory (PMT). These theories focus on cognitive variables as part of behaviour change, and share the assumption that attitudes and beliefs, as well as expectations of future events and outcomes, are major determinants of health related behaviour. In the face of various alternatives, these theories propose, individuals will choose the action that will lead most likely to positive outcomes. Health Belief Model The HBM views health behaviour change as based on a rational appraisal of the balance between the barriers to and benefits of action. According to this model, the perceived seriousness of, and susceptibility to, a disease influence individuals perceived threat of disease. Similarly, perceived benefits and perceived barriers influence perceptions of the effectiveness of health behaviour. In turn, demographic and socio-psychological variables influence both perceived susceptibility and perceived seriousness, and the perceived benefits and perceived barriers to action. Perceived threat is influenced by cues to action, which can be internal (e.g. symptom perception) or external (e.g. health communication). The protection-motivation theory According to this theory, behaviour change may be achieved by appealing to an individuals fears. Three components of fear arousal are postulated: the magnitude of harm of a depicted event; the probability of that events occurrence; and the efficacy of the protective response. These, it is contended, combine multiplicatively to determine the intensity of protection motivation, resulting in activity occurring as a result of a desire to protect oneself from danger. This is the only theory within the broader cognitive perspective that explicitly uses the costs and benefits of existing and recommended behaviour to predict the likelihood of change. Social-cognitive theory This theory evolved from social learning theory and may be the most comprehensive theory of behaviour change developed thus far. It posits a multifaceted causal structure in the regulation of human motivation, action and well-being and offers both predictors of adherence and guidelines for its promotion. The basic organising principle of behaviour change proposed by this theory is reciprocal determinism in which there is a continuous, dynamic interaction between the individual, the environment and behaviour. Theory of planned behaviour and the theory of reasoned action (TRA) The first work in this area was on the TRA. The TRA assumes that most socially relevant behaviours are under volitional control, and that a persons intention to perform a particular behaviour is both the immediate determinant and the single best predictor of that behaviour]. An intention to perform a behaviour is influenced by attitudes towards the action, including the individuals positive or negative beliefs and evaluations of the outcome of the behaviour. It is also influenced by subjective norms, including the perceived expectations of important others (e.g. family or work colleagues) with regard to a persons behaviour; and the motivation for a person to comply with others wishes. Behavioural intention, it is contended, then results in action. Information-motivation-behavioural skills (IMB) theory This theory was developed to promote contraceptive use and prevent HIV transmission. IMB was constructed to be conceptually based, generalisable and simple. It has since been tailored specifically to designing interventions to promote adherence to ART. Self-regulation perspectives Self-regulatory theory is the main theory in this domain. Developed to conceptualise the adherence process in a way that re-focuses on the patient, the theory proposes that it is necessary to examine individuals subjective experience of health threats to understand the way in which they adapt to these threats. According to this theory, individuals form cognitive representations of health threats (and related emotional responses) that combine new information with past experiences. Stage perspectives The transtheoretical model (TTM) This theory is most prominent among the stage perspectives. It hypothesizes a number of qualitatively different, discrete stages and processes of change, and reasons that people move through these stages, typically relapsing and revisiting earlier stages before success. This theory is said to offer an integrative perspective on the structure of intentional change [p. 1102] the perceived advantages and disadvantages of behaviour are crucial to behaviour change. Lakhan, 2006
Sunday, August 4, 2019
Fascism And Communism Essay -- Communism Essays
. Fascism and Communism are two different forms of government that were very similar. Fascism is a 20th century form of nationalistic, militaristic, totalitarian dictatorship that seeks to create a feasible society through strict regimentation of national and individual lives. Communism is type of government in which there is no private property and the government controls the entire economy. Communism tries to satisfy the basic needs of society by sharing work and benefits. Both theories were dictatorships that at first were loved by the people and soon later hated by them. à à à à à In October of 1922 Mussolini was named the premier. He used his militia to purge local governments of any opposition to Fascism. Under the worsening conditions when Italy was about to collapse, the Fascists party appealed to the frustrations of soldiers and the middle class. The Fascists offered a return to traditional values, promising to bring Italy back to a position of glory again. Most importantly, the Fascistââ¬â¢s offered to do something about the deteriorating conditions. On October 24, 1917, Bolshevik forces and their allies began seizing essential centers of power. By the next morning, the Bolsheviks informed the still- assembled congress of soviets that they had taken power in the name of the Russian worker and peasant and had established a temporary government. The events of October introduced a single Communist government in Russia for the first time. Non- Bolshev...
Saturday, August 3, 2019
Molecular Nanotechnology and Literature :: Cause Effect Science Technology Essays
Molecular Nanotechnology and Literature Imagine a world where you could have anything you wanted. Gold? Here it is. A new car? Presto. Diamonds? Oh, here, please have some of mine, there's more in the back. Of course, this is not our world at the present, but it might be the world of the future. Molecular nanotechnology will be able to provide whatever one needs or wants, for free or for a minuscule amount of payment. However, it will not only affect commercial and material goods. It will affect medicine, war and weaponry, law enforcement, espionage, entertainment, disposal of waste and garbage, and even literature. Literature will perhaps be affected in a greater way than one may think. But before I get to that, let me explain what, exactly, molecular nanotechnology is. In l 959, Nobel Prize-winning physicist Richard Feynman put forth an idea. His idea was that anything could be made from the ground up, out of individual atoms or molecules. This is nanotechnology: the working or manipulation of individual atoms or molecules, one at a time, and positioning and lining them up precisely and repeatedly, until enough accumulated to form a large-scale, usable entity. Feynman didn't name it and outline the science, however. This was done by K. Eric Drexler. In the 1970's, when he was a student at MIT, Drexler came up with an idea of nanotechnology, and outlined the possible uses of it. He thought that if one had the ability or technology to work with individual atoms and molecules, then one could make a box that would transform common materials into beef. It sounds strange, but that was the idea. The idea was that you could open the door, toss in some stuff, work the controls, and two hours or so later: out rolls some fresh beef. It sounds odd because we a re taught that beef comes from cattle, not from a box of grass clippings and old sneaker insoles. But it really does make sense. Cattle use only a few materials when making beef: grass, air, water, sunlight. When they are digesting that junk, they are merely rearranging the molecules to form characteristic patterns of beef. The only real difference between the methods of beef-production of cows and Drexler's box is that cows make beef using enzymes and liquids, where reactive agents randomly collide, and Drexler's box makes beef mechanically. Drexler states that the molecules and atoms would have to be manipulated by tiny, tiny robots, commonly referred to as "assemblers.
Friday, August 2, 2019
Renaissance in the history of art
The Renaissance was much more than Just an episode in the history of art. The Renaissance gave birth to so many new ideas and styles beyond Just art, that are still being used today. Many of the greatest painters and architects rose during the renaissance era, such as Michelangelo, Brucellosis and Albert'. The Renaissance brought forth much more than Just art. The Renaissance gave birth to new talent and artwork that will forever be remembered in history. In the early years of Michelangelo, Brucellosis and the other great artists of this era, pursuing art was discouraged in the household.The adults saw it as a shameful career. Once these artist started showcasing their talents to the world, the view of art was changed to many. Artists gained new respect from the Europeans and were viewed as craftsman and useful to making goods. These artists inspired many with their work such as the Sistine Chapel and the Florence Cathedral. Also, architecture greatly contributed to this age of art. Alberta argued that buildings should mirror the human body in their supports and openings, which inspired many great artists such as Michelangelo.Much of the architecture during this era was created in this image of human likeness. Also, you can see the work of renaissance in modern day architecture. The Renaissance study of architecture came up with a grid pattern to lay out towns in a simpler way, which you can still see being used today. As you can see, there are many ways you can still see the Renaissance culture in modern day life. The Renaissance should not only be remembered for the art and talent it produced but the new ways and how culture changed as a whole.
Thursday, August 1, 2019
Jk Cement Research Report
Indian Institute of Management, Bangalore PGP Program Term 1, 2012 Final Report for JK Cements ââ¬â Group 2 Section 1 Business Description: JK Cements is one of the largest cement manufacturers in Northern India and the eighth largest overall India with net cement sales of 2545 crores in 2011-12. Itsmain productsinclude grey and white cement. It produced 53. 2 lakh tons of grey cement and 3. 77 lakh tons of white cement in the financial year 201112. Grey cement produced consists of Ordinary Portland Cement (ââ¬Å"OPCâ⬠) and Portland Pozzolana Cement (ââ¬Å"PPCâ⬠). Their cement products are marketed under the brand names J.K. Cement and Sarvashaktiman for OPC products, J. K. Super for PPC products and J. K. White and Camel for white cement products. JK Wall Putty and JK Water proof are its white cement based value-added products. Housing (74%), infrastructure (17%), commercial & institutional sector (13%) and industrial sector (6%) are the major customers of the cement industry [Refer Figure 1]. Housing constitutes a major chunk of the demand and hence rural and urban housing projects are a key resource generator. Key stock statistics and revenue/earnings data is included in the appendix [Refer Tables 1& 2]Section 2 Market Profile, Competition, Strategy, Risks A. Market Profile: The demand for cement mainly depends on the level of development and the rate of growth of the economy. The major demand drivers for the cement sector in India are housing, infrastructure and commercial construction. These are key components of the countryââ¬â¢s GDP and hence, the average growth of the cement industry is approximately 1. 2 times the GDP growth. Significant impetus to both rural and urban housing as per capita income increases in a major driver of the industry.With the increase in national infrastructure investment, the industry is poised to expand further in spite of the worldwide economic recession. The housing sector contributes around 64% of the tot al cement demand. It also accounts for 80% of the total real estate developments in the country. Housing demand is expected to be robust backed by various measures adopted in the budget like continued interest subvention up to 15 lacs, exemption from service tax for low cost housing construction, and increase in investment-linked deduction of capital expenditure on low-cost housing from 100% to 150%.There has been a major push by the government in infrastructure development with the intended investment being US$ 1 trillion in the 12th five year plan period (2012-17), against an investment of US$ 514 billion in the 11th five year plan period. Massive investment in infrastructure would provide boost to Indian Cement industry. India is the second largest producer and consumer of cement in the world, accounting for 7-8% of the total global production with an installed capacity of over 300 Mtpa at the end of 2011-12. Indiaââ¬â¢s cement industry performed better in 1 011-12, on back of robust demand revival in the second half of the financial year. The industry grew by 6. 4 per cent in 2011-12 as against less than 5 per cent in 2010-11. Total cement sales were 223. 02 MT compared with 209. 5 MT in FY11. For 2012-13, CRISIL Research estimates cement demand to increase 7-8 per cent yoy (Crisil). In the near term, demand could be a little weak because of the lower GDP growth. Given that a large part of the demand comes from the housing sector, high interest rates are not conducive to the urban real estate demand. However, in the long term, the industry is expected to grow at an average of 1. times the GDP growth rate. Growth rates of 8-9% can be targeted for the five year period given the increase in investment in infrastructure projects and increasing rural demand. Although India is one of the largest cement markets in the world, per capita consumption of cement is still low as compared to the world average as well as that of other large countries such as China and US. The Indian cement industry, thus, has a huge growth potential. Given the intense shortage of housing, this segment has been a major growth driver for the cement industry.The demand for residential real estate has only increased, fuelled by increasing urbanization, rising income levels, decreasing household sizes and easy availability of home loans. Bulk of the total shortage of 74 million units at the end of the 11th Five Year Plan (2007-2012), is expected to be generated by rural and below poverty line households. The government has launched various initiatives such as NREGS and Indira AwasYojana to improve rural income, which may increase demand for rural housing in the country. Increased infrastructure investments by the government as mentioned earlier is also likely to be a major growth area.Housing (74%), infrastructure (17%), commercial & institutional sector (13%) and industrial sector (6%) are the major customers of the cement industry. Housing constitutes a major chunk of the demand and hence rural and urban housing projects are a key resource generator. Overall industry margins and change in sales trends are mentioned in tables at the end. [Refer to Table 3 & 4]. Please refer to Table 5 for a picture of the industry growth rate based on the Free Cash Flow model where the average P/B was computed with the top 5 firms of the industry and different rates for cost of capital were assumed.This shows that the cement industry is poised for growth for whatever cost of capital that may prevail. B. Competition: Inter firm competition and rivalry in the industry is high. Large number of players, intermittent overcapacity, marginal product differentiation, high storage cost and high exit barrier in form of significant capital investment has led to high competition in the industry. Threat of new entrants is limited since it involves high capital investment, broad distribution network and oversupplied markets deter new entrants.However, given the high potenti al for growth, quite a few foreign transnational companies have made acquisitions and increased their stake in domestic companies to gain full control. There are no good substitutes for cement popular in India. However, there are eco friendly substitutes for cement which include fly ash and slag. Fly ash is the by product when coal is burnt to make electric power and slag is created when producing iron in blast furnaces. Coal fly ash, blast furnace slag and other mineral admixtures can substitute for cement, aving energy and reducing cost. Bitumen in roads and engineering plastics in building are some element of competition. Currently, the top players ââ¬â UltraTech, ACC, Ambuja Cements, Jaiprakash Associates, India Cements and Shree Cement, collectively control more than half of the cement market in the country. Overall, there are 40 players in the industry across the country. (Source: ibef. org) The closest competitors for JK Cement are Shree Cements, Madras Cements, Birla Cor poration and Binani Cement. The industry has a 4-firm concentration ratio of 58. 18%. 2 C. StrategyDespite challenges, JK Cement has increased revenues and profits owing to higher realisation and volumes in both grey cement and white cement business. The company is in on its way to expanding its capacity in India to cater to the increase in cement demand. It has also diversified its product portfolio by not only limiting itself to varieties of grey cement but also extending to white cement and other value added products. Besides, the Company is also setting up a grey cum white cement plant at Fujairah in UAE to cater to GCC and African markets. The company is making efforts to reduce operating expenses which in turn would increase the ROE.Some of the efforts to reduce operating costs are: Grey Cement â⬠¢ Implementation of CII Audit findings in phased manner to reduce power consumption. â⬠¢ Installation of VFDs in fans to save power. â⬠¢ Replacement of booster fans by hig h efficiency fans to save power. â⬠¢ Installation of pfisterpump for coal firing in calciner. â⬠¢ Replacement of Raw mill -1 separator by high efficiency separator. â⬠¢ Dynamic separator in Coal Mill. White Cement â⬠¢ Covered clinker storage facility for grey and white clinker. â⬠¢ Grinding plant for dolomite for putty product. â⬠¢ Installation of new SG Fan & Driver. The company is also making efforts to increase its capacity.The company is revisiting the size of proposed expansion plan at Mangrol, Rajasthan from earlier envisaged 3. 5 Million Tons to around 2. 5 Million Tons, on account of delay in allotment of new mining area to the Company. Viability study for 2. 5 Million Tons capacity plant is under preparation and a final decision will be taken during the course of the year. D. Risks Three most important risks: 1. Sustained economic slowdown The growth of cement industry is directly proportional to GDP growth rate. Absence of decision making at Governm ent level is affecting economic growth and may have adverse effect for the cement industry.If measures are not adopted against inflation, high interest rates, depreciating rupee, then it would impact the overall economic growth of the country resulting in dragging the sector down. 2. Unavailability of coal linkages Coal costs constitute 14-23% of cost of production of cement. The hike in coal prices is expected to hit the margins. Due to reduced supply of coal linkers from Coal India over the years; the company has to import coal at higher costs from South Africa and Indonesia. The depreciation of the rupee will also add to the increased cost of raw materials. 3.Adverse demand-supply mismatch In case, the additional capacities get commissioned ahead of schedule, then a state of oversupply would rise, consequently prices may head downwards and the sector may suffer a severe blow. Section 3 3 Trend Analysis The demand for the cement mainly depends on the rate of growth of infrastructu re, housing and commercial construction. In Indian context all these areas have been experiencing a significant growth as a result of constant growth in our GDP. As a result we can see that overall the total revenues for both the companies have been rising [Refer to Figure 2].JK Cement and Madras Cements basically cater to northern and southern India respectively. In year 2011, there is a dip in the total revenues of Madras Cement. This was result of a more acute fall in the capacity utilization observed in southern India due to low demands because of political instability in Andhra Pradesh and minimal pick-up in demand in Tamil Nadu and Kerala post elections. The two industries exhibit comparable trend as far as profit margins are concerned [Refer to Figure 4]. So, an overall analysis of cement industry in this period is required.In 2008, the dip can be attributed to reduced demands due to global recession, which reduced capacity utilization thus reducing profits. In 2011, there wa s marginally poor off take in cement demand due to passive construction activity, which lead to excess supply and utilisation fell to a 13-year low of 83. 9% for 2010-11. This has been coupled with rise in input costs, especially prices of coal and petroleum products. As a result, both the top line and bottom line have been affected. Hence this year the capacity utilization increased and the demand dropped. Section 4 Ratio Analysis [Refer Table 6] . Return on Equity : [Refer Fig. 5] ROE has been hovering around 17-20% throughout with some years seeing slight changes. Given that Index of Industrial Production(IIP) grew only by around 2. 8%, it appears that JK and Madras have both done well. However, 2010-11 was a bad year for JK Cements. Their Net Operating Profit plummeted by 39% when compared to the previous year while the same for Madras Cement was only around 27%. This was mainly on account of reduction in sales realisation and substantial increase in the prices of petcoke and fu el resulting in higher input costs (Annual Report 2010-11).This caused the ROE of JK to fall by almost 600% from the previous year. 2. Basic DuPont Model Analysis : [Refer Fig. 4,5 and 6] ROE = Asset Turnover * Profit Margin Asset Turnover of JK is consistently higher when compared with Madras Cements ââ¬â 42. 46% higher in 2006-07 while this is 39. 87% in 2012. This is because JKââ¬â¢s total fixed assets is lesser than Madrasââ¬â¢ by almost 50% while sales of Madras Cements is higher only by around 2025% on an average . However, the low profit margin throughout has been causing the Return on Equity of JK to be lower than that of Madras Cements.The profit margin has been very low in all the years from with the worst hit being in 2011 ââ¬â reason explained in step 1. Also the Net Financial Rate has dinted the net profit due to expansion efforts coupled with the dim outlook in the industry. A ray of hope for JK would be to perform product differentiation with the white c ement ââ¬â wall putty market ; it has done right by expanding the white cement units in overseas ; the demand for interior and decor is bound to increase in the near future. 4 3. Advanced DuPont Model Analysis with RNOA & Leverage : [Refer Fig. & 12] It can be seen that the Operating Spread of JK is going negative for 2010-11 & 2011-12 showing that their Financial Rate is on the rise which is due to debts from increased expansion plans. This, along with the increased leverage from high borrowing, has reduced the already low RNOA to yield a poor ROE value. In the same while, for Madras Cements the spread has been positive ââ¬â in fact, it has never gone negative for them, despite their large debt. Madras Cements has been affected only by the overall increase in costs in the cement industry and not by the leverage effect which JK has suffered from.The leverage effect has beaten JK again in 2011-12 ; though their RNOA has increased by 177% from the previous year and long-term d ebt has actually reduced, the Interest Rates on loans have seem to have gone up ââ¬â leading to a 117% increase in the NFR. Thus the negative operating spread has again caused JKââ¬â¢s ROE to fall below the RNOA ââ¬â Madras Cements has remained stable in this period ââ¬â registering a higher ROE than RNOA due to the positive spread. Again, this shows that Operating Margin of JK is low when compared with the cost of capital. 4. Analysis of Turnover ratios [Refer Fig. 9 & 0] Inventory Turnover and Debt Turnover of JK is considerably higher than that of Madras Cements leading to a better operating cycle. Low inventory holding and low receivables isa positive trend for JK Cements and it should continue this. 5. Analysis of Liquidity and Long-term Solvency : [Refer Fig. 8,11] The Quick Ratio of JK is consistently higher than Madras Cements for all the 5 years taken into consideration ââ¬â hence the liquidity position of JK is better than that of Madras Cements. The cap ital structure seems more of debt financing in the recent years ââ¬â owing to expansion plans.However increase in interest rates would make JK vulnerable to low margins which is already discussed in the advanced model. Section 5 ââ¬â Conclusion ââ¬â ââ¬â ââ¬â The cement industry is estimated to grow as can be seen from the CRISIL analysis quoted in section 1; housing and infrastructure demand are expected to increase ââ¬â hence JK is bound to do well The cost reducing efforts of JK and the product differentiation into white cement are expected to increase profit margins. The Asset Turnover values of JK are also higher than its competitor. Hence increase in ROE is expected in coming years.The reduced operating cycle of JK shows a positive trend vis-a-vis its competitor. P/B value of JK is 1. 18 while industry average (top 5 firms) is 2. 76 (refer to table on Growth of Cement Industry). Hence JK stock seems to be undervalued [Refer Table 5] JK has declared 50% dividend for the current year and has consistently declared dividend for the past 5 years. However, the inherent risks in the industry ââ¬â from global crises like the Euro crisis and flagging coal availability pose concerns for the successful implementation of plans.Further, the continuous expansion plans of JK leading to higher debt and hence higher interest rates (which can rise based on RBI measures to contain inflation) cause concern for the profit margins which can again reduce. The positives seem to be strong as JK is trying to stabilize its expansion plans. Hence an acute negative view point would not be correct. Hence we suggest a buy/hold after doing the above analysis. 5 References : ââ¬â Crisil. (n. d. ). Retrieved August 21, 2012, from Crisil Web site: crisilresearch. com ââ¬â Dion Insight. (n. d. ). Retrieved August 21, 2012, from Dion Insight Web site: https://insight. ionglobal. in/Insight/Industry. asp? pageLink=IndProfile&Ind=151 ââ¬â equitymaster. com. (n. d. ). Retrieved August 21, 2012, from equitymaster. com: http://www. equitymaster. com/research-it/sector-info/cement/Cement-Sector-AnalysisReport. asp ââ¬â Gupta, N. (n. d. ). Ernst & Young. Retrieved August 21, 2012, from Ernst & Young Web site: http://www. ey. com/Publication/vwLUAssets/cementing_growth/$FILE/cementing_growth. pdf ââ¬â India Brand Equity Foundation. (n. d. ). Retrieved August 21, 2012, from India Brand Equity Foundation Web site: http://www. ibef. org/industry/cement. aspx ââ¬â Jagdesh Sunku. 2006). Advantages of using fly ash as supplementary cementing material (SCM) in fibre cement sheets. 10th Int. Inorganic Bonded Fibre Composites Conference, (pp. 25-32). Sao Paulo. ââ¬â JK Cement Annual Report 2010-11 & 2011-12. JK Cement. ââ¬â moneycontrol. com. (n. d. ). ââ¬â PlanningCommision. (n. d. ). Planning Commission. Retrieved August 21, 2012, from Planning Commission Web site: http://planningcommission. nic. in/plans/mta/11th_mta/c hapterwise/chap14_invest. pdf 6 Appendix A Division Figure 1: Division of customers of cement industry into major sectors Major Major customers of cement industryCommercial & Institutional 13% Industrial 6% Infrastructure Infrastructure 17% Housing 64% Figure 2: Total revenue for JK Cement & Madras Cements Ltd. (Revenue in crores)(Before 2005 financial financial statements for JK Cement wasnââ¬â¢t prepared. It was then treated as a division under JK Groups for financial purposes) Total revenue 3,500. 00 3,000. 00 2,500. 00 2,000. 00 1,500. 00 JK Cement Madras Cements Ltd. 1,000. 00 500. 00 0. 00 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 7 Figure 3: Change in sales % change in sales 60 50 JK Cement Madras Cements Ltd. 40 30 20 10 0 -10 -20 2003 2004 005 2006 2007 2008 2009 2010 2011 2012 Figure 4: Profit Margin Profit margin 25. 0% JK Cement Madras Cements Ltd. 20. 0% 15. 0% 10. 0% 5. 0% 0. 0% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Figure 5: Return on Equity ROE (%) 60 JK Cement 50 Madras Cements Ltd. 40 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12 8 Figure 6: Asset turnover Asset turnover (%) 110 JK Cement 100 Madras Cements Ltd. 90 80 70 60 50 40 2007-08 2008-09 2009-10 2010-11 2011-12 Figure 7: Return on Net Operating Assets RNOA (%) 40 JK Cement Madras Cements Ltd. 30 20 10 0 2007-08 2008-09 2009-10 2010-11 2011-12Figure 8: Debt ââ¬â Equity Ratio Debt ââ¬â Equity Ratio 2. 5 JK Cement Madras Cements Ltd. 2 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 9 Figure 9: Spread Operating Spread 0. 5 JK Cement 0. 4 Madras Cements Ltd. 0. 3 0. 2 0. 1 0 -0. 1 2007-08 2008-09 2009-10 2010-11 2011-12 2010-11 2011-12 -0. 2 Figure 10: Holding period Operating Cycle (days) 120 JK Cement Madras Cements Ltd. 100 80 60 40 20 0 2007-08 2008-09 2009-10 Figure 11: Quick ratio Quick Ratio 2 JK Cement Madras Cements Ltd. 1. 5 1 0. 5 0 2007-08 2008-09 2009-10 2010-11 2011-12 10 Figure 12: Net Financial Rate NFR 0. 18 JK Cement 0. 6 Madras Cements Ltd. 0. 14 0. 12 0. 1 0. 08 0. 06 0. 04 0. 02 0 2010-11 2011-12 11 Appendix B: (Tables) Table 1: Key stock statistics Stock Report| 24 July 2012 |Symbol : JKCEMENT (NSE); JKCEM (BSE); ISIN NUMBER INE823G01014 J K Cements Stock Price (closing) Investment Style 213. 30 (as of 20 July 2012) Large CAP Sector Cement Summary : JK Cements is one of the largest cement manufacturers in Northern India ; it is the second largest white cement manufacturer by production capacity in India Key Stock Statistics 52 Wk Range 95. 80 to 219. 70 (BSE) 25. 36 8. 41 11,839 EPS (Twelve Month Trailing)P/E (Twelve Month Trailing) 10K investment 5 yrs ago Credit Rating Long Term Bank facilities Short Term Bank facilities Common shares outstg. 69927250 Market Cap Yield (%) Dividend rate per share 1491. 55 Crores 2. 34 5 A+(CARE) A1+(CARE) Table 2: Earnings per Share Earnings Per Share of 10 each ( ) June Q1 September Q2 2011-12 7. 14 0. 51 2010-11 4. 22 -2. 98 2009-10 10. 04 9. 35 December Q3 6. 22 0. 26 6. 65 March Q4 11. 49 7. 66 6. 28 Year 25. 36 9. 16 32. 32 ? ? ? ? ? ? ? ? Table 3: Industry Margins OPM(%) GPM (%) NPM (%) Mar ââ¬Ë12 21. 78 21. 49 9. 14 Dec ââ¬Ë11 19. 65 18. 45 10. 13 Industry MarginsSep ââ¬Ë11 15. 66 13. 6 5. 05 Jun ââ¬Ë11 24. 41 22. 48 11. 76 Mar ââ¬Ë11 22. 46 20. 9 11. 92 Dec ââ¬Ë10 17. 18 15. 32 5. 84 12 Table 4: Industry sales Mar ââ¬Ë 12 Industry sales (in crores) % change Change in industry sales (quarter)(%) Dec ââ¬Ë 11 Sep ââ¬Ë 11 Jun ââ¬Ë 11 Mar ââ¬Ë 11 Dec ââ¬Ë 10 20841. 87 17953. 16 15649. 20 17017. 73 17388. 15 14201. 79 16. 09026 14. 72254 -8. 04179 -2. 1303 22. 43633 Table 5: Industry Growth Projections (for different values of ââ¬Ërââ¬â¢) using Free Cash Flow Model Company Name Ultratech Ambuja ACC Shree Cements Madras Cements India Cements JK Cement Average P/B ratio as on 26/08/2012 3. 66 3. 64 . 5 4. 55 2. 19 0. 68 1. 14 2. 765714286 ROE (from March 2012 BS) Cost of Capital (%) Growth (%) 19. 02 15. 28 18. 42 10. 55 18. 78 7. 21 13. 75 14. 71571429 10 11 12 13 14 7. 329288 8. 895631 10. 46197 12. 02832 13. 59466 Table 6: Ratio Calculations Ratios Profit Margin (%) Asset Turnover (%) ROE (%) Return on Assets (%) Net Operating Profit Margin (%) Net Operating Asset Turnover (%) Return on Net Operating Assets (%) = NOPAT/Avg. Net Operating Assets JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras CementJK Cement 2011-12 8. 154156 12. 06512 77. 80004 55. 62438 17. 04343 20. 87036 6. 343937 6. 711146 10. 83703 15. 17511 139. 8798 83. 81691 15. 15882 2010-11 1. 654139 7. 964254 79. 85371 47. 82047 3. 49563 12. 67786 1. 320891 3. 808544 4. 320325 11. 0728 126. 2029 68. 65512 5. 452374 2009-10 10. 84236 12. 59667 88. 57764 56. 65368 22. 29768 25. 09332 9. 60391 7. 136478 12. 51604 16. 10394 160. 5309 81. 84813 20. 09211 2008-09 8. 421552 14. 40591 94. 35595 63. 17162 16. 78291 32. 91344 7. 946235 9. 10 0446 10. 11265 17. 00776 212. 7993 93. 59998 21. 51965 2007-08 16. 62175 20. 30998 107. 4567 75. 2185 41. 51821 50. 27496 17. 86118 15. 31816 17. 88877 21. 64552 209. 9905 128. 6868 37. 5647 Madras Cement 12. 71931 7. 602044 13. 18078 15. 91926 27. 85493 13 Interest Coverage (%) Leverage ââ¬â Measure 1 Debt-Equity Ratio Current Ratio Quick Ratio Debt Turnover Debt Collection Period (days) Inventory Turnover Inventory Holding Period (days) Operating Cycle (days) NFO NFE NFR Op. Spread FLEV*Spread ROE = RNOA + FLEV*Spread (Advanced Dupont Analysis) JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras CementJK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement JK Cement Madras Cement 392. 0551 615. 8751 2. 686571 3. 109805 0. 837413 1. 0309 99 1. 197299 0. 601965 0. 833253 0. 343679 35. 22924 16. 62681 10. 21879 21. 65177 5. 924257 5. 223089 60. 76712 68. 92473 70. 9859 90. 57651 401. 46 1719. 03 68. 278 101. 808 0. 170074 0. 059224 -0. 01849 0. 067969 -0. 01548 0. 070076 13. 61077 19. 72691 254. 5852 468. 6705 2. 646419 3. 328794 1. 150731 . 609198 1. 367937 0. 931981 0. 916991 0. 599238 33. 11155 15. 49891 10. 87234 23. 22745 7. 497843 4. 941565 48. 01381 72. 85141 58. 88615 96. 07886 802. 04 2307. 32 62. 958 81. 466 0. 078497 0. 035308 -0. 02397 0. 040713 -0. 02759 0. 065515 2. 693658 14. 15354 666. 585 579. 4166 2. 321729 3. 516204 0. 939762 1. 647142 1. 144753 1. 00381 0. 764784 0. 639154 30. 43733 22. 88671 11. 82758 15. 72965 8. 619538 5. 233222 41. 76558 68. 79127 53. 59316 84. 52092 705. 23 2034. 43 34. 363 98. 455 0. 048726 0. 048394 0. 152195 0. 083413 0. 143027 0. 137394 34. 39482 26. 92014 619. 7696 717. 6917 2. 112058 . 616684 0. 580401 1. 954809 1. 968687 0. 982285 1. 675142 0. 628742 30. 17987 33. 40915 11. 92848 10. 77549 10. 69177 6. 127751 33. 67075 58. 74912 45. 59923 69. 52461 -143. 99 2006. 67 28. 147 65. 807 -0. 19548 0. 032794 0. 410675 0. 126398 0. 238356 0. 247085 45. 35528 40. 62774 851. 7743 1451. 897 2. 324494 3. 28205 0. 626681 1. 714777 1. 762163 1. 019801 1. 467784 0. 702189 26. 72182 31. 59228 13. 47214 11. 39519 10. 49671 6. 782897 34. 29647 53. 07467 47. 76861 64. 46986 37. 91 1183. 64 20. 216 26. 782 0. 533263 0. 022627 -0. 15762 0. 255922 -0. 09877 0. 43885 27. 68721 71. 73993 14
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